Saturday , June 22 2024

Perris industrial building sells for $112.5 million

A fully-leased industrial building in Perris has been sold for $112.5 million.

The 333,572-square-foot structure at 21500 Harvill Road is fully occupied by Cypress Medical Products, a development-distribution company in Richmond, Va., according to a statement.

MDH Partners in Atlanta bought the building from CH Realty Partners in Los Angeles and New York-based Blumenfeld Development Group, paying what is reportedly a record price for an industrial building on the east side of the Inland Empire.

The warehouse-distribution building sits on 17 acres and sold for $337 per square foot. No other details of the transaction were disclosed.

CH Realty Partners bought the then-vacant building two years ago from The Rockefeller Group and immediately began upgrades. It sold shortly after the improvements were completed.

CH Realty Partners owns more than 1,200 acres of land and manages more than 12 million square feet of industrial development in Southern California, according to the statement.

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